Societe Generale’s Crypto Division Introduces Euro Stablecoin on Ethereum
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Jamie Crawley is a CoinDesk news reporter based in London.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Societe Generale’s (GLE) crypto division, SG Forge, has introduced a stablecoin pegged to the euro (EUR) on Ethereum, saying it is the first such asset deployed on a public blockchain.
EUR CoinVertible (EURCV) will be offered to institutional clients as a means of bridging the gap between traditional capital markets and digital assets, the Paris-based bank’s unit said on its website on Thursday.
SG Forge said it is addressing increasing demand from clients for a robust settlement asset for on-chain transactions, as well as a means for on-chain liquidity funding and refinancing.
While U.S. banking giant JPMorgan’s in-house stablecoin JPM Coin has been in use since 2020 as a settlement token between financial institutions, it trades on the bank’s internal Onyx network, not a public blockchain.
The Societe Generale division won registration from France’s Autorité des Marchés Financiers (AMF) to offer cryptocurrency trading and custody services last September, in a sign of the gathering momentum of institutional adoption of digital assets in France.
Edited by Sheldon Reback.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Jamie Crawley is a CoinDesk news reporter based in London.